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Enron Mail |
Steve - here is a brief update. The answer to the question on why exchanges
should remain regulated, while we stay unregulated. The answer is: "Enron provides a variety of risk manangement services to our customers, but these are not futures contracts which the CFTC has primary jurisdiction to regulate. We offer swaps, hubrids, etc., but no futures". The CFTC does maintain anitfraud and manipulation authority if market abuses are discovered. Let me know when you have time to make the call to Chairman Combest sometime on Monday AM. Thanks- Chris ---------------------- Forwarded by Chris Long/Corp/Enron on 09/22/2000 05:47 PM --------------------------- RAISLERK@sullcrom.com on 09/22/2000 04:59:21 PM To: goetscrj@bp.com, kneenjm@bp.com, mcadammj@bp.com, elaine@citizenspower.com, clong@enron.com, csandhe@enron.com, Mark.E.Haedicke@enron.com, mark.taylor@enron.com, laurie.ferber@gs.com, hall2r@kochind.com, lanced@kochind.com, william.mccoy@msdw.com, steven.kline@pge-corp.com, schindlg@phibro.com, mgoldstein@sempratrading.com cc: Subject: Update on CEA Modernization Chris Long (Enron) and I spent yesterday on Capitol Hill. We met with House Agriculture Committee Minority and Majority Staff, Senate Banking Committee Staff and Senate Agriculture Committee Staff. The bill clearly is moving and there is a good chance it will go to the Floor of the House next week. The bilateral exemption for physical commodities (non-agricultural commodities) is accepted and should be secure. We have problems with the electronic trading facility exemption for physical commodities. House The House Agriculture Committee remains inclined to exclude metals from the exemption. We are working with the Commerce Committee (which has not excluded metals) to change that result. Senate We have a much more severe problem in the Senate. Senate democrats led by Senator Harkin are very concerned to go against the CFTC in favor of big energy companies. They want the CFTC to endorse the exemption. Unfortunately, as you are aware, the CFTC (recently the Chairman himself) have been heavily lobbying against the exemption. We are working with staff and will keep you posted. We have prepared talking points and bullets which are still in draft to distribute to the Hill. I would appreciate your comments on them and your thoughts. ---------------------------------- This e-mail is sent by a law firm and contains information that may be privileged and confidential. If you are not the intended recipient, please delete the e-mail and notify us immediately. - Bullets.doc - H.R. 4541 Energy Group Talking Points.doc
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